UK Landlord Forum / Life

Hi guys,

I have just come across this site and found it extremely useful.

First of the bat I will confess to buying a property on a residential mortgage with the intention to let. The reason for this was primarily due to the fact that the historically low interest rates and first time buyer (which I also am) benefits were too good to ignore. I am perfectly aware of the risks involved in doing so, but at the same time I will be seeking 'consent to let' as soon as my mortgage provider (the post office) launch these products. Now I can fully understand this will annoy many people on this forum, but I also know that there are thousands of landlords in Britain that purchase properties on residential mortgages.

Now the reason for I am here is not to just ask a few questions today and never return, it is to ask a few questions today and but also to network with the regular contributors and as well as engulfing all the information on this site whilst becoming a property investor for the long run.

Essentially, I wanted advice on how landlords with residential mortgages handle the following issues:

(1)  Should you put the bills (gas water electricity council tax) in your name or leave the tenant to handle these?
(2) Should you add your name to the electoral role under the let address?
(3) Is it still worth taking out landlord insurance?
(4) Can anyone check if you are on a residential mortgage and letting the property out?

I do want to apologise to anyone that is angered by this post. But would greatly appreciate any advice from someone who may have been in this situation at any point.

Thank you.

Hi... I'm afraid I wouldn't want to network with someone who's committing mortgage fraud. Your apology is noted but answering your questions amounts to acceptance of your actions. Will you next be asking if it is worthwhile declaring your rental income to HMRC? Whether it is worth getting a Gas Safety Certificate? Please try to do the right thing, even if it is inconvenient for you. Some of your questions seem to express an element of concern about being found out... and how you can best cover your tracks... if you do things right, then these concerns obviously disappear for you. I guess you will have thought about it already, but maybe re-look at this?

I would add - trying to be helpful - that the provision of Consent To Let is not necessarily going to depend on your Lender offering BTL products. My Lender of choice is YBS and they offer no BTL products. Before I contemplated letting out my previous home with a mortgage I applied to YBS for CTL and they agreed - administration fee of £85, no loading or anything else due to my good LTV. That way I am all in the open...

Quote from: Tommy Hearns on June 15, 2014, 01:46:26 PM

First of the bat I will confess to mortgage fraud, other people do it so it must be ok.  I'm going to commit benefit fraud aswell, which is ok as other people do it.

The questions you're asking are to aid your fraud and from the naivety of the questions it's not going to be hard for you to be spotted.  I hope it goes really bad for you and that you get onto the hunter system.  It's a system all financial institutions use to share financial information about individuals.  Once they've earmarked you as a 'wrong un' on there, best of luck getting any sort of finance for a very long time.

This is a forum for help and advice, not how to commit fraud.

I agree with Hippo, I wouldn't want to 'network' with someone like yourself.

Not declaring the income from your little scheme is also tax evasion, which is illegal, you're on a roll though so I doubt that would stop you.

Gosh, harsh guys.

My advice Tommy.

"Keep your own council"

or

"Shut the fuck up about shit you're not meant to do, don't talk about it, write about it, and seriously never ask a public forum for fucking advice on how to get away with it..... I am sorry but I am out"

I'll go with option 2 Bob.